In accordance with the recent RBI circular, SBI has fine tuned its basic savings bank deposit (BSBD) policy. On June 10, RBI in its circular stipulated that holders of BSBD account need to be provided with at least 4 withdrawals on a per month basis that include ATM withdrawal.
The document by the RBI was to prompt the leading state-run lender to review its own guidelines relating to BSBD account and fine tune as the need may be.
BSBD account is a facility to provide for financial inclusion and to enable some basic banking services cost-free
The BSBD account aims to drive financial inclusion among the economically weaker sections, and is packaged as a savings account that offers certain minimum facilities free of charge to the holders.
All of the SBI branches will now have to adhere to the instructions issued in this respect and the minimum and the foremost requirement to open a BSBD account is that the applicant must make a declaration that he or she does not have a BSBD account with any other bank. Further, there has been made no change in respect of the waiver of any minimum balance with the account offer of ATM card or ATM-cum-debit card.